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Mortgage loans for apartment renovation

Mortgage loans for apartment renovation

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Mortgage loans for apartment renovation in AMD shall be disbursed from the funds of the National Mortgage Company RCO CJSC.  

  • Currency

    AMD, USD,

  • Maximum amount

    AMD 100.000.000, USD 200.000, AMD 25.000.000

  • Maturity

    60-120 months

Conditions

Please follow the Armenian version

Conditions

Pleae follow the armenian version

Required documents

Please follow the Armenian version

Useful information

The loan application will be approved if:

  1. the customer has submitted the complete package of documentation and the loan application.
  2. the query made to “ACRA Credit Reporting” credit bureau shows that the potential borrower and/or co-borrower did not have classified liabilities and/or on the whole were not at least 30 days past due within the past 24 months prior to the query.
  3. the ratio of monthly loan repayments, monthly insurance fees of the borrower’s and co- borrower's life and property to the net income of the borrower/co-borrower does not exceed 35 (thirty-five) percent.
  4. the ratio of the total payments specified in paragraph 3 and other long-term monthly expenses (payments on other loans, alimony, tuition fee, rental fee, utility payments etc.) of the borrower/co-borrower to the net income of the borrower/co-borrower does not exceed 45 (forty-five) percent.
  5. the appraised value of the Collateral or Collaterals meets the requirements.
  6. both the borrower’s and co-borrowers’ revenues meet the requirements.
  7. the body authorized to take loan decisions within the Bank approved the loan application.

The loan application will be rejected if:

  1. the customer fails to submit all documents necessary for getting the loan.
  2. the query made to “ACRA Credit Reporting” credit bureau shows that the potential borrower and/or co-borrower had classified liabilities and/or on the whole were at least 30 days past due within past 24 months prior to the query.
  3. the appraised value of the Collateral or Collaterals is insufficient.
  4. both the borrower and co-borrower revenues are insufficient.
  5. the borrower and co-borrower submit false documents and/or information.
  6. the rejection base of loan application is available in the loan historical database, which is not removed.
  7. the body authorized to take loan decisions rejected the loan application.
  8. the loan has been approved, but the customer has failed to present himself/herself within 15 days after approval or has failed to present the necessary documents.
Attention

Your property (house, vehicle, or other) may be confiscated in the manner provided for by law where you fail to repay your interests and principal in time.

Where you fail to perform your loan obligations, the loan security, as well as another property of the borrower if the former is insufficient, may be seized and sold in a court or out-of-court procedure both through direct sale and public auction.

Where you fail to perform your obligations either fully or partially, the Lender shall send those data to the credit bureau within a three-day period, where your credit history is generated. You shall have the right to obtain your credit history from the bureau free of charge. Attention: A bad credit history may hinder lending in the future.  

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Loan amount

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Financial assistant
ABC finance

Page updated 19.12.2019 | 12:40

In case of discrepancy between Armenian and English versions of the information, the priority is given to the Armenian version.